Estonian industrial production eases growth to 4.7% y/y in January

Estonian industrial production eases growth to 4.7% y/y in January
By bne IntelliNews March 6, 2019

Estonian industrial production grew 4.7% y/y in January, working-day adjusted data from Statistics Estonia showed on March 5. The expansion rate comes in at 1.1pp below growth recorded in the Estonian industry in December.

Estonia’s industrial output has now grown for 31 months straight, helping economic expansion. The Baltic state’s GDP growth came in at 3.9% in 2018, slowing down 1pp against 2017, with household consumption, exports, and investment the main drivers.

Manufacturing output expanded a working day adjusted 3.7% y/y in January, data showed. Production in mining fell 1.2% y/y while energy production expanded 14.6% on the year.

Most segments in the manufacturing sector increased production. The fastest expansion took place in manufacturing of computer, electronic, and optical products, followed by production of building materials.

On the other hand, there were falls in the production of wood and wood products, fabricated metal products, furniture, and machinery and equipment.

In unadjusted annual terms, industrial production also expanded 4.7% in January. In seasonally adjusted monthly terms, output grew 0.9%.

Some 69% of industrial output was sold on the external market, Statistics Estonia also reported. According to unadjusted data, export sales of manufacturing production grew 6% in y/y terms in January, while domestic sales rose 2% y/y.